Is Palatine, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 2023
Since last year, Palatine has remained a Seller's Market.
Housing Prices in Palatine, IL
How much do homes in Palatine, IL cost?
Median Sold Price
$327,028
$210/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2023
Summary: The median home sold price in Palatine was $327,028 in June 2024, up 11.3% from last year, and the median price per square foot was $210.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $129.4K | $153K | +18.2% |
2 Bedrooms | $216.7K | $250.4K | +15.5% |
3 Bedrooms | $335K | $375K | +11.9% |
4 Bedrooms | $451K | $509K | +12.9% |
5+ Bedrooms | $595K | $608K | +2.2% |
Summary: Palatine housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 18.2%, 2 bedroom homes increased by 15.5%, 3 bedroom homes increased by 11.9%, 4 bedroom homes increased by 12.9%, and 5+ bedroom homes increased by 2.2%.
Median Sold Price Compared To Nearby Cities
Palatine | $293.9K | $327K | +11.3% |
Palatine Township | $322.5K | $355.9K | +10.3% |
Rolling Meadows | $277K | $300K | +8.3% |
Deer Park | $535K | $563K | +5.2% |
Inverness | $683.5K | $715K | +4.6% |
Housing Supply in Palatine, IL
How many homes are available in Palatine, IL?
Number of Homes For Sale
May 2024 | Jun 2024 | CHANGE |
---|---|---|
276 | 300 | +8.7% |
Summary: The Palatine real estate market had 300 homes for sale in June 2024, a 8.7% increase compared to May 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 22 | 24 | +9.1% |
2 Bedrooms | 96 | 110 | +14.6% |
3 Bedrooms | 76 | 79 | +3.9% |
4 Bedrooms | 63 | 71 | +12.7% |
5+ Bedrooms | 19 | 16 | -15.8% |
Summary: The Palatine housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 9.1%, 2 bedroom homes increased by 14.6%, 3 bedroom homes increased by 3.9%, 4 bedroom homes increased by 12.7%, and 5+ bedroom homes decreased by 15.8%.
Number of Homes Sold
May 2024 | Jun 2024 | CHANGE |
---|---|---|
94 | 92 | -2.1% |
Asking Price vs. Sold Price
24 Homes Were Sold
Under Asking
10 Homes Were Sold
At Asking
58 Homes Were Sold
Over Asking
Summary: A total of 92 homes were sold or pending in Palatine in June 2024, down by 2.1% month-over-month. Of the 92 sold homes, 26% were sold under asking, 11% were sold at asking, and 63% were sold over asking.
Days on Market for Palatine, IL
How long does it take to sell a home in Palatine, IL?
Average Sale Time
Jun 2023 | Jun 2024 | CHANGE |
---|---|---|
10 Days | 12 Days | +11.1% |
Summary: Homes in Palatine had an average of 12 days on market in Jun 2024, up by 11.1% compared to last year.
Breakdown of Home Sale Times
85 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During June 2024, 92 homes were sold in Palatine; 92% of homes were sold within 30 days, 5% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.